James E. Mahan-Former Raymond James Broker-Sanctioned by Securities Regulator

August 2016-New Braunfels, Texas

The FINRA records of  James E. Mahan,  a  former stockbroker who most recently worked for Raymond James Financial Services  disclose a recent regulatory matter resulting in his permanent bar from the industry.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In August 2016, Mahan, without admitting or denying the findings, consented to a permanent bar from the securities industry and entry of findings that he refused to appear for on the record testimony requested by FINRA related to an internal review for recommending an unapproved outside investment to a client of the firm. FINRA Case 2015047115101.

Mahan was registered with Raymond James Financial Services from 5/2015-7/2016. Prior to that he was registered with J.P Morgan , Merrill Lynch and Chase Investments Services. Mahan was also affiliated with South Texas Capital Advisors. 

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Douglas P. Simanski-Former NEXT Financial Group Broker-Discharged for Theft

Altoona, PA

UPDATE MAY 2017-The FINRA records of former NEXT Financial Group broker Douglas Simanski currently disclose 13 pending customer disputes and 3 customer disputes that are final. The newly filed customer disputes include:

  • FINRA arbitration 17-0648 in which a customer of NEXT seeks damages of $50,000  and alleges they were sold a tax free investment with a guaranteed 10% yield compounded annually which they later deemed to be fraudulent.
  • FINRA arbitration 17-0610 in which a customer of NEXT seeks damages of $225,000 and alleges Simanski sold them $100,000 investment in a coal company which he told them would earn $5,000 per year for five years and then they would get investment returned. They subsequently were convinced to invest another $125,000. Customer now believes all the investment is lost.

UPDATE JANUARY 2017– FINRA records disclose that a number of additional arbitrations have been filed by customers of Douglas Simanski, a former broker with NEXT Financial Group, including:

  • Case 16-03447 in which a customer alleges damages of $231,665 and further alleges that funds provided to Simanski for investment were diverted to his personal account.
  • Case 16-03541 in which a customer alleges damages of $102,127 related to a purported investment in Pennsylvania Tax Free Investment Fund which would supposedly generate tax free income of 3-5%. The customer alleges that the investment was non existant and believes that Simanski converted the funds for his personal benefit.

ORIGINAL POST -August 2016-

The FINRA records of  Douglas P. Simanski,  a  former stockbroker who most recently worked for NEXT Financial Group  disclose a recent regulatory matter resulting in his permanent bar from the industry, 4 currently pending customer disputes, 1 prior final customer dispute and a recent  employment separation after allegations.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In June 2016, Simanski, without admitting or denying the findings, consented to a permanent bar from the securities industry and entry of findings that he failed to provide documents and information related to an investigation into allegations related to the conversion of funds. FINRA Case 2016049621301.

The currently pending customer disputes include:

  • A complaint received July 2016 by a customer of NEXT Financial who alleges damages of $125,581 as a result of Simanski investing her in a high risk variable annuity.
  • FINRA Case#16-02258 in which a customer of NEXT Financial alleges damages of $100,000 on behalf of her deceased father who gave Simanski a check for $140,000 in October 2014 and received a signed five fixed investment note.
  • FINRA Case#16-2118 in which a customer of NEXT Financial alleges damages of $104,000 stating the in 2009 they invested $200,000 in a promissory note that was supposed to yield 6% tax free return. They state that Simanski sold fraudulent and unregistered securities.
  • A complaint received June 2016 from a customer of NEXT Financial alleging damages of $80,000 on a “special project” investment Simanski persuaded them to invest in.

In May 2016 Simanski was discharged by NEXT Financial Group who made the following allegation on Simanski’s FINRA record: “RR sold fictitious investments and converted the funds for his own personal use and benefit.”

Simanski was registered with NEXT Financial Group from 8/1999-6/2016. Prior to that he was registered with Advantage Capital Corp. 

If you lost money in an account handled by Douglas P. Simanski, you may be entitled to damages from his former employer.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Jeffrey E. Sigman-Former Neidiger Tucker Bruner Broker-Discloses Employment Separation

August 2016-Englewood, CO

The FINRA records of  Jeffrey E. Sigman,  a  stockbroker who currently is not currently registered  disclose 1 prior final customer dispute and a recent  employment separation after allegations.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In July 2016 Sigman was permitted to resign from Neidiger Tucker Bruner. The firm made the following allegations on Sigman’s FINRA record in connection with the separation : “NTB (Neidiger Tucker Bruner) was contacted by FINRA with an inquiry regarding the Outside Business Activities disclosed on Mr. Sigman’s CRD. After initiating an internal review, it became apparent that there were inaccuracies and inconsistencies in Mr. Sigman’s disclosure to NTB. Further documentation was requested and reviewed. It was determined that Mr. Sigman failed to follow the written supervisory procedures of the firm and was permitted to resign.”

Sigman was registered with  Neidiger Tucker Bruner  from 4/2001-7/2016.

 

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Charles C. Shafe-Transam Securities Broker-Discloses Customer Disputes Over Alternative Investments

Altamonte Springs, Florida

The FINRA records of  Charles C. Shafe,  a  stock broker who currently is employed by Transam Securities disclose 4 prior final customer disputes and a prior regulatory event.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

The prior customer disputes include:

  • FINRA Case #12-2719 in which a customer of Transam Securities alleged damages of $400,000 and further alleged that Shafe recommended unsuitable investments resulting in the client potentially losing a significant portion of her retirement assets. The client also alleged that Shafe and Transam Securities conducted inadequate due diligence on the various investments and did not provide proper diversification for her interests.  The subject investments included direct investments, limited partnerships, equipment leasing , real estate (REITs) and oil and gas investments. That case was settled for a total of $150,000. Shafe contributed $40,856 personally toward that settlement.
  • FINRA Case #12-02851 in which a customer of Transam Securities alleged damages of $600,000 an further alleged that Shafe recommended unsuitable investments resulting in client potentially losing a significant portion of client’s assets. The subject investments included direct investments, limited partnerships, and oil and gas investments. That case was settled for $125,000 of which $37,500 was paid personally by Shafe.

Shafe has been registered with  Transam Securities  since 1/1991. Shafe was also registered with Maitland Securities from 10/2004-6/2013 and with The Shafe Group, Inc. from 9/1993-the present.

Alternative investments include non publicly traded real estate investment trusts (REITS) , equipment leasing, oil and gas investments, hedge funds, real estate, commodities and derivatives contracts and, managed futures. It may also include art, wine, antiques, coins or stamps. These investments tend to be complex, illiquid, nontransparent, hard to value and expensive. Many of the alternative investments sold over recent years are not traded on any public market making them difficult to value and even more difficult to liquidate if cash is needed.

If you have losses in an account handled by Charles Shafe, call to learn how you may be able to recover damages through FINRA arbitration.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Matthew A. Siliato-Meyers Associates Broker-Discloses Pending Customer Disputes

August 2016-New York

The FINRA records of  Matthew A. Siliato,  a  stock broker who currently is employed by Meyers Associates disclose 2 currently pending customer disputes, 4 prior final customer disputes, 1 prior financial event and a currently outstanding judgement/lien.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In currently pending FINRA Case #16-1528, a customer of Meyers Associates alleges damages of $250,627 for unsuitable investments.

In currently pending FINRA Case #15-3036, a customer of Siliato’s prior employer National Securities Corp.  alleges damages of $522,941 for unsuitable investments and breach of fiduciary duty.

Siliato has been registered with  Meyers Associates since 3/2013. Prior to that he was registered with National Securities Corp.  from 1/2010-2/2013.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Steven Ray Hinkle-Former Dynasty Capital Partners Broker-Sanctioned by Regulator

Englewood, CO

The FINRA records of  Steven Ray Hinkle,  a  stock broker who currently is employed by Neidiger, Tucker, Bruner discloses a final FINRA regulatory event.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

In FINRA Case 2014038969301, Hinkle consented to sanctions and the entry of findings that he failed to establish, maintain, and enforce an adequate supervisory system to review trades for excessive and unsuitable trading. The findings state that he failed to reasonably supervise a broker despite being aware of several red flags that should have resulted in enhanced scrutiny and supervision of the broker, exposing customers to losses due to excessive trading or other sales practice violations. Hinkle was suspended for 20 days and fined $10,000.

Hinkle has been registered with  since 1/2016. Prior to that he was registered with Dynasty Capital Partners in Greenwood Village, CO. from 1/2003-7/2015.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870

Raymond T. Clark-Former Dynasty Capital Partners Broker-Discloses 6 Pending Customer Disputes

August 2016- Buffalo, New York

The FINRA records of  Raymond T. Clark,  a  former stock broker who FINRA has permanently barred from acting as a broker or otherwise associating with firms that sell securities to the public, discloses 4 prior regulatory events, 6 pending customer disputes and 7 prior customer disputes. Clark was last employed in the securities industry by Dynasty Capital Partners.

The Financial Industry Regulatory Authority (FINRA) is the agency that licenses and regulates stockbrokers and brokerage firms. FINRA requires brokers and brokerage firms to report customer complaints and disputes as well as regulatory sanctions. In addition brokers are required to disclose certain financial matters such as personal bankruptcies, judgments and liens.

His prior settled customer disputes include:

  • FINRA Case#9-2811, a customer of Clark’s former employer J.P. Turner alleged damages of $1,000,000 for unauthorized trades, unauthorized use of margin, fraud and breach of fiduciary duty. That case was settled for $395,000.

Currently pending customer disputes include:

  • US DIstrict Court Case 15-CV-1387-DMS-JMA in which a customer of Dynasty Capital Partners alleges damages of $150,000 for misrepresentation, forgery of account documents leading to stock losses.
  • A customer dispute 11/14/2014 in which a customer of Dynasty Capital Partners alleges damages of $814,530 by a customer who made a loan to Clark and is claiming misrepresentation and forgery of securities.

Clark was registered with Dynasty Capital Partners from 8/2010-8/2014.

Rex Securities Law , with offices in Boca Raton, FL,  and  Austin, TX,   provides representation to  investors  nationwide who are seeking recovery of investment losses due to the negligence or fraud of stockbrokers and broker dealers. If you have questions about how your account has been handled, call to speak with an experienced securities attorney.

Most cases handled on a contingent fee basis meaning that you do not pay legal fees unless we are successful.

Nationwide Representation

Rex Securities Law

TollFree: 877-224-3199

Florida-561 391 1900 

Texas-512-329-2870